Revolut has an advanced mobile phone application and several other unique features that have helped it become one of the progressive currency exchange and banking solutions today. Using Revolut card you can conduct transactions anywhere in the world in various currencies. In this Revolut card review, I will show you what it offers, fees that come with it, as well as Revolut card pros and cons.
International MasterCard or Visa debit cards are available for Revolut accounts. Money transfers can be conducted in more than 140 different nations, primarily free of charge. You can withdraw cash from ATMs for free, which can be a beneficial feature for anyone traveling abroad.
Companies and individuals can use Revolut multi-currency accounts. These accounts can hold, exchange and send funds in 24 different international currencies. All transfers are made as close to the baseline exchange rate as possible.
The features in the mobile app let account holders split bills, get notifications and send money quickly and easily.
Revolut has other services besides multi-currency accounts. They also offer expense reports, quick settlements, corporate cards, quick money transfers, connections with accounting platforms, and various third-party software.
Revolut Card Review
The Revolut card is one of the company’s primary products. It can be used to make purchases in multiple countries across the globe. You get automatic money conversion at rates that are close to the baseline exchange rate and spend funds in various currencies. This simplifies and speeds up international transactions.
Right now, only residents of the United States, Canada, Japan, Singapore, Australia, Switzerland, and the European Economic Area (EEA) can open personal Revolut account. Revolut Business account is available to organizations in Switzerland and the EEA that are registered and have a physical location in one or more of those areas.
- Price for opening personal account
- Personal account bank details fee
- Price for opening business account
- Business account bank details fee
- Countries where you can open account
- Countries where card is available
- Available currencies for convert and hold
- Receive bank details (currencies with account details)
- Credit card payments fee
- Currency exchange fee
- Withdrawing money from ATM fee
- ATM limits
- Annual fee for holding EUR balance
- 3D Secure payments
- Card limits
- Virtual cards
- Type of card
- Card contactless payments
- Fee for card payments
- Number of physical cards you can have
- Number of virtual cards you can have
- Disposable virtual cards
- Integration with accounting software
- Compatible with Apple Pay and Google Pay
- Cryptocurrencies trading
- Insurance options
- Recurring payments
- Direct debit
- Lounge pass
- Group bills
- Stock trading
- Commodities trading
- European Economic Area, Australia, Canada, Singapore, Switzerland, Japan and the United States.
- European Economic Area, Australia, Canada, Singapore, Switzerland, Japan and the United States.
- AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR.
- Free as long as the payment is in a currency that you currently hold.
- No cost up to 1000 GBP (or currency equivalent) per month and anything over is charged 0.5% + for the weekends 0.5% markup is applied
- Free up to £200 (or currency equivalent), then a 2% fee will apply.
- Cash withdrawals from ATMs are limited to £3,000 or currency equivalent per 24 hours.
- ATM withdrawals are limited to £3,000 or equivalent per day for all cards linked to the account and £100,000 or equivalent spending limit per month per card.
- Mastercard and Visa
- FreeAgent, QuickBooks Xero, etc.
- Only for people in UK
- Chat, phone
Adding funds to your account via bank transfer can be accomplished free of charge. Certain fees charged by third parties for those transactions may apply.
Using Revolut to transfer funds that fall within your foreign exchange allowance is free. If you’re making a transaction above that limit, a 0.5% fee will be added to the cross-currency exchange amount that exceeds your foreign exchange allowance limit. Revolut Premium and Revolut Metal customers don’t need to pay that fee.
You can also pay for purchases with your Revolut card using any currencies that you currently have in your account. If you don’t have enough of a particular currency in your account, the mid-market rate will be used to convert currencies as needed.
ATM withdrawals are allowed for up to £200 (or the equivalent currency) without having any added fees. Any withdrawals over that amount will have a 2% fee charged.
You can exchange up to 1,000 GBP (or the equivalent currency) each month at no charge. Any exchanges over that amount will have a 0.5% fee added to them (the Fees page has additional information on this subject). You can withdraw a maximum of 3,000 GBP (or the currency equivalent) in a 24 hour period.
The best possible exchange rate is always used. If you don’t have a particular currency in your account balance, Revolut will convert money automatically into the particular currency that you’re spending at the time.
Revolut lets you exchange and hold the following currencies: AUD, CAD, CZK, EUR, HKD, ILS, MXN, NZD, QAR, RUB, SGD, TRY, ZAR, AED, SAR, BGN, CHF, DKK, GBP, HUF, JPY, NOK, PLN, RON, SEK, THB, and USD.
If there aren’t enough funds in a particular wallet, Revolut doesn’t pull funds from multiple currency balances. Revolut will decline transactions in those instances, even if a customer may have enough funds in total across all of their wallets.
How Revolut Card Works?
Revolut accounts are connected to a person’s virtual and physical Revolut cards. Virtual cards are accessible at no charge. They only take a matter of moments to set up.
The primary distinction between physical and virtual cards is that your virtual card will not have a PIN, and it can’t be used to withdraw cash at ATMs. Virtual cards don’t have access to all of the features that physical cards have, like paying in physical stores.
Revolut does state that using virtual cards can help to prevent card fraud online. Virtual cards can be deleted every several months and replaced with new cards.
Premium subscribers can take advantage of the disposable virtual card feature. To protect clients from fraud, disposable card numbers are changed automatically any time a payment is made using them.
The kind of card that you’ll receive will be based on the account that you have. There are four types of Revolut cards:
- Standard plastic cards are issued to customers with Standard free accounts.
- The Revolut Plus card is given to Plus subscribers (which costs £2.99 per month).
- The Premium Revolut card is received by Revolut Premium members (a subscription for £6.99 monthly).
- Revolut Metal members get the Revolut Metal card. (at £12.99 each month).
All Revolut cards can be used at any place that accepts MasterCard and Visa. You can’t pick between Visa or Mastercard. Cards are assigned based on the country that you live in. Card payments and ATM fund withdrawals are supported in more than 140 nations. Contactless payments are available for all physical Revolut cards.
Converting funds from one currency to another at the mid-market rate can be done for free. Many purchases made online or at physical store locations with the Revolut multi-currency card are also free from fees.
Revolut does have a currency exchange fair use policy. Clients with British pounds as their primary currency can exchange as much as 1,000 GBP (or the equivalent currency) for free each month.
A fair usage fee of 0.5% is charged to standard Revolut customers on any amount that exceeds their fair use limit for the month. Fair usage fees are not charged to paid subscribers.
Adding money to your Revolut account may incur minor fees in certain instances to cover costs. Revolut will provide details about the amount and reason for such fees before those funds are added to your account.
Revolut accounts can have up to three active physical cards and five virtual cards connected to them. Disposable virtual cards are not counted in this limit.
The Revolut app is the only place where virtual cards can be accessed. These cards can be used as soon as they are generated, and they work much like standard bank cards. Online and phone payments can be made with them. Once they’ve been added to Apple Pay or Google Pay, your virtual cards can also be used in making contactless payments via phone.
The app can also create disposable cards. They’re a secure option for purchases made at unknown or untrusted sites. Disposable cards are designed to be used one time. After they’ve been used, the card’s information will automatically be blocked.
Additional physical cards can be acquired for £4.99 each (or the equivalent currency) plus any applicable shipping charges. You can upgrade to a Metal or Premium account, and in that case, you will receive two additional cards free of charge with express delivery. Revolut Plus subscribers can also receive two extra cards by standard delivery for free.
The Revolut app can be used to manage your physical and virtual debit cards. You can cancel your cards and order replacements, unblock and block cards as needed.
Revolut Premium Review
Revolut has subscription plans for all needs. You may want to think about opening a Revolut Premium account for the added protection and insurance services. The features of all Revolut accounts are pretty much the same, but subscription levels have additional benefits like purchase protection and device insurance at reduced rates.
Revolut Standard cards don’t have the travel insurance that paid accounts offer. Premium subscriptions also allow you to withdraw more money from ATMs for free.
The premium card may be worth the investment if you’re a frequent traveler and don’t have other insurance. The insurance coverage that Revolut subscriptions offer can help in emergencies.
Being able to withdraw more funds from ATMs is nice. However, it’s just beneficial to those who need a lot of cash.
You don’t need to upgrade to Revolut Premium if you don’t go over the £5,000 / €6,000 free currency exchange limit or surpass the free monthly ATM withdrawal limit. You don’t need it if you already have travel insurance coverage, although it may be useful for people who enjoy buying and selling cryptocurrencies.
Revolut Metal Card Review
If Revolut Premium might not be what you’re looking for, Revolut Metal is another alternative worth looking into. The primary distinction between Revolut Premium and Metal accounts is the cashback feature that will get you back cash from payments made with the card.
Revolut Metal is a reasonable solution for anyone who lives in Europe and intends to spend a significant amount of time outside the country. Revolut Metal subscription is around 13 GBP per month. This sum can vary according to the country that you live in.
In my opinion, the choice between metal and premium is quite simple. Figure out how much cashback you expect to receive. If this amount is greater than the monthly fee difference between Premium and Metal, sign up for a Revolut Metal account. If it doesn’t, you can always go with Revolut Premium.
Of course, you should still go with metal if you cannot resist the charm of a Revolut card made out of metal.
For many of us, the Metal account won’t be of great financial value. You won’t be able to get your subscription fee as cashback unless you’re spending vast quantities of money outside Europe.
Some Revolut standard users may feel a bit constrained by the £200 daily ATM free withdrawal limit, so Revolut Metal’s free daily ATM limit is £600 may be more appealing to certain users.
Revolut Card Pros & Cons
Here are some of the advantages and disadvantages of using a Revolut card:
- You can hold funds in multiple currencies at the same time.
- It’s simple to withdraw cash and use the card to pay for items.
- They have very effective fraud prevention tools.
- Built-in budgeting tools.
- You can top up the card and pay as you go.
- The Revolut app allows you to see your transactions and account balances.
- Most money transfers to different countries are fast, free, and simple.
- If you don’t have a Metal or Premium subscription, you’ll have to pay shipping charges to receive your card. There are also fees to replace your card and load your card if you use a debit card issued outside of the US.
- Revolut may ask you to verify fund sources. This is an element of their anti-money laundering procedures. Bank statements and salary stubs are examples of documents that may be requested. If Revolut cannot confirm your fund sources, they could deactivate your account.
- New Revolut cards can have a temporary deposit limit for a 24 hour period. This can happen even though the company says that there aren’t any particular deposit limitations. Certain users could also have a reduced daily deposit that is gradually raised.
Revolut Card Review Conclusion
All competing products have similarities and differences to take into account. Your individual needs should determine the product you pick. For most people, the Revolut Standard plan will suffice. The Revolut Premium card is a good alternative for those who take out more than 400 GBP/EUR regularly or for people who travel often.
I don’t find too many advantages to having a Revolut Metal card unless you’re regularly spending more than 971 GBP/1,125 EUR per month on expenses outside of Europe. That’s how much you’ll need to spend to get your monthly fees returned as cashback rewards. The light insurance package increased ATM withdrawal limits, and increased currency exchange limits are also something to consider.
If you are seeking a good Revolut alternative, I suggest you check my Wise review. And if you need to integrate Revolut with your WooCommerce store, then be sure to check the best Revolut WooCommerce payment gateway and integration tools.
- Contactless payments
- Pay anywhere where MasterCard a Visa are acceptednd
- Can pay in various different currencies
- Manage card limits, expenses, etc. via Revolut app
- Can be used with Apple Pay and Google Pay
- There are free and paid plans for users looking for more
- Available only in certain countries
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